We know him as the Oracle of Omaha, The Berkshire Hathaway chairman, Warren Buffett, who has just announced that he would “hop on a plane” right away to India, if the right investment opportunity came up.
“I think the potential for India is incredible,” Warren Buffett said in an interview where he described the country as a “huge, enormous market.”
“If you tell me a wonderful company in India that might be available for sale, I’ll be there tomorrow,” Warren Buffett said.
Most recently, the Indian Prime Minister, Narendra Modi has been fighting to create an easy way for foreign investors to dive in, such as Warren Buffett, however, there are still a lot of blockades in the way.
For example, Walmart and Apple, which are both parts of Warren Buffett’s portfolio, have failed to open their own stores in the India.
Originally, Berkshire had started operating in India when the Oracle of Omaha had visited back in 2011, selling insurance online in a partnership with the Indian firm, Bajaj Allianz.
However, two years later, the partnership came to a halt as Warren Buffett’s company cited excessive regulation.
In the interview on Monday, Warren Buffett had brought up those issues again, especially the blockade created which prevents foreign firms from fully owning companies in India.
“Sometimes there have been restrictive laws in terms of the percentage we can own, and that’s a disadvantage,” he said. “We would like to own 100% of any business that we run.”
The Oracle of Omaha is not the first major investor to question India’s foreign business practice, because back in 2015, Jim Rogers had sold all his Indian shares after getting tired of waiting for things to change.
Warren Buffett is still staying optimistic for investment opportunities because he says that the population of India is continuously growing and that the middle class is too big to ignore.
“It’s a lot of people with a lot of buying power,” he said. “You can’t have a billion people and not be important to this world.”
Now, the question is what will the Oracle of Omaha decide to do? Because we know that when Warren Buffett invests in something, people listen and usually follow.